§ 111-a. Participation by certain corporations and individuals. Any bank, savings bank, savings institution, savings and loan association, trust company, insurance company or association, or fiduciary authorized to invest in mortgages and mortgage bonds of a redevelopment company, or any combination of the foregoing, shall have power to participate and invest, singly or jointly, with the New York city housing development corporation in a bond or note and single participating mortgage, or in separate bonds or notes and mortgages pursuant to this article. In the event of such participation, the interest of each shall have equal priority as to lien in proportion to the amount of loan so secured, but need not be equal as to interest rate, time or rate of amortization or otherwise.